LUNA going down is the equivalent of a single stock collapsing, and a fairly minor one at that. OP is right, this is a generalised withdrawal of equity from volatile investments of all kinds. Exactly the same thing happened with the last market crash.
Only if you consider top 10 coins and top 10 stocks to be of equal quality / stability. IMO, only Bitcoin and Ethereum are "blue chip" cryptocurrency. All others are pink chip.